Indianapolis Mayor Joe Hogsett and the Carrier Task Force have announced a plan to give financial planning assistance to Carrier Corp. workers affected by the company’s decision to move production to Mexico. Hogsett says financial planner Peter Dunn has volunteered to host workshops for employees and their families to plan for their financial futures.
Hogsett says the "Your Money Plan" will see Dunn, also known as "Pete the Planner," offer three workshops beginning in the fall. The mayor says they wanted to begin this service before the first round of layoffs, which could come as early as 2017.
"The clock is ticking," said Hogsett. "That’s why Pete’s assistance is very timely. This being July, we don’t want to stand idly by. We have some constraints under which we work but we’ll be up and running and ready to go whenever we need to be."
The first workshop will focus on financial triage and addressing each worker’s immediate financial needs. The second will help families identify opportunities to stabilize their income with a focus on budgeting and the third will "concentrate on the building blocks of healthy financial decision making and opportunities for long-term planning."
"We have a great opportunity to help these folks leverage this transition to improve their financial futures," said Dunn. "Learning you’re going to lose your job is terrifying. This program is specifically designed to cut through the fear and equip these fellow Hoosiers with the skills and the know-how to not only survive this layoff, but to thrive because of it."
Hogsett says the task force will also be available with educational assistance, job retraining and possibly federal trade assistance. He says those services have not yet begun due to ongoing negotiations between Carrier and the local union regarding severance agreements.
In February, Connecticut-based United Technologies Corp. (NYSE: UTX) announced it would move manufacturing operations from Indiana to Mexico, affecting around 2,100 Hoosier workers in Indianapolis and Huntington. The company has since returned $1.2 million in tax abatement to the city, which is being used to help displaced workers and their families.
The task force is working with partners including the United Steelworkers, EmployIndy, IUPUI and the Vincennes University Aviation Technology Center to offer support. In March, Carmel-based Williams Comfort Air said it was working with area HVAC and plumbing dealers to help provide job opportunities for affected employees.
Hogsett says the first round of layoffs could come in March of 2017.